TGIF -- April 19, 2024

Locator: 47039B.

Big story today: SLB.  Link here.

Gasoline demand, link here: 

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Back to the Bakken

WTI:

Sunday, April 21, 2024: 46 for the month; 46 for the quarter, 245 for the year
39883, conf, Whiting, Van Buren Federal 5103 42-36 4B,
39580, conf, Hess, CA-Anderson Smith-155-96-2635H-9,

Saturday, April 20, 2024: 44 for the month; 44 for the quarter, 243 for the year
40142, conf, CLR, Veigel 9-9H1,
39882, conf, Whiting, Van Buren Federal 5103 42-36 3B,

Friday, April 19, 2024: 42 for the month; 42 for the quarter, 241 for the year
40151, conf, Armstrong Operating, Harkness 2,
37517, conf, BR, Mazama 1D MBH, 

RBN Energy: renewable diesel boom sets off aftershocks in soybean oil, used cooking oil markets.

The boom in renewable diesel (RD) production has triggered a race to secure the dozen different bio-feedstocks suitable for refining into diesel fuel. It’s an interesting story that impacts both the oil and agriculture industries, with twists and turns that will take years to play out. In today's RBN blog, we describe the current state of the market and highlight recent happenings in supply chains for two of those increasingly important bio-feedstocks — soybean oil and used cooking oil. 

There are two types of biomass-based diesel, commonly called fatty acid methyl ester (FAME) biodiesel and hydrogenated RD. Both are derived from oxygen-containing organic compounds called triglycerides that make up bio-feedstocks like vegetable oils and animal fats. The triglyceride molecule resembles a three-legged barstool. If you detach the legs from the stool, you get three very good diesel fuel molecules, which is why these bio-feedstocks are good raw materials.